Swedish music stars profit from blockbuster year for Mamma Mia! production company Littlestar Services
Abba stars Benny Andersson and Björn Ulvaeus have shared in a dividend of nearly £1m after a surge in profits at the production company behind the Mamma Mia! stage musical and film adaptations.
The Swedish music legends received the payout after a blockbuster year for Littlestar Services, the licensing and production company behind the musical based on the pop group’s hits.
Continue reading...December data comes amid speculation over when European Central Bank will cut interest rates
Inflation across the eurozone rose in December after an increase in energy costs, reversing six months of consecutive falls and easing the pressure on the European Central Bank (ECB) to cut interest rates.
Figures from the EU statistical agency Eurostat showed consumer prices across the 20-country bloc rose at an annual rate of 2.9% last month, up from 2.4% in November. Economists polled by Reuters had forecast a slightly higher reading of 3% for December.
Continue reading...Climate thinktank says Britain could be left trailing in global race to develop low-carbon energy
Labour’s independent energy advisers have warned the party against watering down its £28bn green spending plans in advance of its promise to create a zero carbon electricity system by 2030.
Experts at the climate thinktank Ember, which provided the independent analysis underpinning Labour’s green targets, said growing international competition for low-carbon investment from the US and EU could leave the UK lagging in the global race for low-carbon energy.
Continue reading...Stalled growth in electric vehicles comes despite government goal to phase out petrol, diesel and hybrid vehicles by 2035
The number of new cars registered in the UK has jumped by nearly 18% but electric vehicle demand is flatlining, prompting the industry to call for a VAT cut to stimulate sales.
Annual figures released by the Society of Motor Manufacturers and Traders (SMMT) on Friday show 1.9m new cars were registered last year, well up on the previous year’s figure of 1.6m and the highest level since the 2.3m registrations of 2019.
Continue reading...As railway staff, lorry drivers, farmers and others threaten to strike, we examine the challenges the country faces
Railway staff, lorry drivers and farmers are among those threatening strike action across Germany from Monday in nationwide protests over grievances ranging from pay and conditions to cuts in agricultural subsidies and higher road tolls.
Long Europe’s powerhouse, Germany is struggling with a potent mix of short-term and deeper structural problems that – along with a divided and seemingly ineffectual government – have prompted economists to talk of the “sick man of Europe”.
Continue reading...Qantas and Jetstar to offer special airfares, with accommodation deals to come, as Queensland premier insists region is ‘open for business’ after Cyclone Jasper
Images of Tropical Cyclone Jasper’s devastating impact on far north Queensland may have driven away tourists during peak season.
But the Queensland premier, Steven Miles, insists the region is “open for business”, making a $5m pitch to lure visitors back.
Continue reading...Stores in France, Italy, Spain and Belgium will no longer stock PepsiCo drinks, Lay’s and Doritos crisps and Quaker cereals
The French supermarket chain Carrefour has said it will stop selling PepsiCo products in stores in four European countries because the global food company has put its prices up by too much.
Shelves at Carrefours in France, Italy, Spain and Belgium will from Thursday carry signs saying the store will no longer stock PepsiCo products such as fizzy drinks, Lay’s and Doritos crisps and Quaker cereals “due to unacceptable price increases”.
Continue reading...Secretary general urges countries to increase investment to avoid falling behind on climate action and sustainable development
The world faces a protracted period of weak economic growth that will undermine progress on sustainable development, the UN has warned, as it urged countries to raise investment to tackle the climate emergency.
Its annual assessment of the state of the global economy presents a sombre outlook for growth as countries grapple with the impact of higher borrowing costs, geopolitical tensions and heightened risk of climate disasters.
Continue reading...Assistant treasurer Stephen Jones says concerns should have been raised about scheme that appeared to be selling ‘worthless investment products’
Chief executive of HyperVerse does not appear to exist
The assistant treasurer, Stephen Jones, has questioned why Australia’s consumer watchdog did not issue a consumer warning against the HyperVerse crypto investment scheme in line with a number of overseas regulators.
A Guardian Australia investigation has revealed widespread losses to the HyperVerse scheme, which escaped regulator attention in Australia despite one overseas authority warning it was a possible “scam” and another describing it as a “suspected pyramid scheme”.
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Continue reading...Eco-friendly British produce could become unaffordable luxury if low quality imports still allowed, say farmers
Tightening environmental standards for British farmers while importing food produced to lower standards risks making eco-friendly food an unaffordable luxury item, farmers have said.
At the Oxford Farming Conference on Thursday, the environment secretary, Steve Barclay, announced that the government would consult on a new labelling scheme that would single out food produced to UK standards, allowing consumers to choose more environmentally friendly food.
Continue reading...Lib Dem leader says he regrets not doing more while postal affairs minister to help victims wrongly accused of stealing
The Liberal Democrat leader has accused Post Office bosses of misleading him over the Horizon IT scandal in which hundreds of branch owner-operators were wrongly prosecuted.
Sir Ed Davey, who was postal affairs minister between 2010 and 2012 when the software issues started coming to light, said he regretted not doing more to help victims who were wrongly accused of stealing but claimed that executives had blocked him from meeting campaigners.
Continue reading...It looks as if USS simply overpaid and underestimated the effort and catch-up investment required
“We continue to view Thames Water as a long-term investment,” said the Universities Superannuation Scheme (USS), the £75bn pension fund for UK academics, as it wrote down the value of its stake in the Thames’ parent by nearly two-thirds, or almost £600m. Top marks for cheerfulness, but it’s a line that recalls the old joke about the definition of a long-term investment: a short-term investment gone wrong.
USS and Canadian pension fund Omers, the other late arrival on Thames’ register in 2017 (they replaced the departing Macquarie and its co-travellers), surely cannot have imagined that the long term would stretch quite so far over the horizon. As USS says, it’s taken no dividends so far, and the current business plan imagines no income for shareholders until 2030 at the earliest. That’s a near-eternity in investment terms for utility assets, which are supposedly prized for their ability to generate steady cash.
Continue reading...Albanese government would need to couple any increases in unemployment benefits and pensions with savings, experts say
Addressing competition issues and increasing unemployment benefits and pensions are ways the Albanese government could tackle cost-of-living pressures but they would have to be coupled with savings to avoid reigniting inflation, economists say.
The prime minister, Anthony Albanese, on Wednesday said he had asked Treasury and the finance department to develop “further propositions” for providing cost-of-living relief by the May budget.
Continue reading...Carrier says such sites only account for ‘small fraction’ of its bookings but move has affected load factor
Ryanair has said that it has seen a drop in the number of tickets it has been able to sell after a number of major online booking websites stripped the budget carrier’s flights from their listings.
Europe’s largest airline said that in early December “most” of the larger online travel agent sites – including Booking.com, Kiwi and Kayak – “suddenly removed Ryanair’s flights from sale on their websites”.
Continue reading...Consumers buy more items – including plenty of parsnips and sprouts – to beat last year’s spend by 7%
UK shoppers spent £13.7bn on groceries in the run-up to Christmas – 7% more than a year before – as they sought out bargains and switched to discounters to try to offset price inflation.
The number of items bought rose by 2% in December as prices climbed by 6.7%, according to analysts at Kantar, although that was down from 9.6% in November – making it the biggest monthly drop in inflation the data firm has ever recorded.
Continue reading...Smaller plane on runway was not cleared for takeoff, however, say authorities as investigations begin
A passenger jet that collided with a coastguard plane at Haneda airport in Tokyo had been given permission to land, but the smaller plane was not cleared for takeoff, Japanese authorities have said, as police reportedly prepared to investigate whether the crash involved professional negligence.
Five people on the coastguard aircraft died but all 379 passengers and crew escaped to safety down emergency slides minutes before the Japan Airlines Airbus was engulfed in flames on Tuesday.
Continue reading...Build Your Dreams outsells rival in final quarter of 2023 figures for battery-only vehicles
Elon Musk’s Tesla has been overtaken by its Chinese rival, BYD, as the world’s top selling electric carmaker.
BYD, which has been backed by the US investment billionaire Warren Buffett since 2008, has beaten Tesla’s production for a second consecutive year.
Continue reading...Mutual fund Fidelity, which owns stake in social media platform, marks down value of its shares in disclosure obtained by Axios
The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.
Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.
Continue reading...Higher borrowing costs and slump in demand contribute to 17th consecutive month of contraction
Britain’s factories started the year on a weaker footing after 17 consecutive months of contraction, as higher borrowing costs and a slump in demand took their toll.
Factory output fell by more than expected in December after a drop in orders from domestic and export clients, according to the latest snapshot from S&P Global and the Chartered Institute of Procurement and Supply.
Continue reading...Brent crude is up 2% to $78.77 a barrel as hopes of strong demand in China also push up prices
Oil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the key trading route.
In the first trading session of the new year, Brent crude rose $1.73, or more than 2%, to $78.77 a barrel on Tuesday, while US West Texas Intermediate crude was at $73.36 a barrel, up $1.71, or 2.4%.
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